Smart Process Application Global Market Report 2024

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Smart Process Application Global Market Report 2024 – By Type (Software, Services), By Solution (Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence And Analytics, Business Process Management, Other Solutions), By Deployment (On-Premise, Cloud), By Vertical (Banking, Financial Services and Insurance (BFSI), Telecommunications And Information Technology (IT), Media And Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation And Logistics, Other Verticals) – Market Size, Trends, And Global Forecast 2024-2033

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Smart Process Application Market Definition And Segments

Smart process applications refer to software solutions that combine process automation, data integration, user experience design and often elements of artificial intelligence to streamline and enhance business processes. These applications are designed to improve operational efficiency, enable better decision-making and provide a seamless experience for users, both within the organization and externally, with customers, partners, or vendors.

The main types of smart process applications are software and services. Software refers to a collection of guidelines, facts, or software needed to run machines and carry out particular activities and serves as a versatile tool for organizations to streamline and optimize their business processes using advanced automation and technology. The smart process application solutions include customer experience management, enterprise content management, enterprise mobility, business intelligence and analytics, business process management and others, with deployment mode of on-premises and in the cloud. It involves industry verticals such as banking, financial services and insurance (BFSI), telecommunications and information technology (IT), media and entertainment, manufacturing, retail, healthcare, education, transportation and logistics and others.

The smart process application market covered in this report is segmented –

1) By Type: Software, Services

2) By Solution: Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence And Analytics, Business Process Management, Other Solutions

3) By Deployment: On-Premise, Cloud

4) By Vertical: Banking, Financial Services and Insurance (BFSI), Telecommunications And Information Technology (IT), Media And Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation And Logistics, Other Verticals

The smart process application market size has grown rapidly in recent years. It will grow from $51.03 billion in 2023 to $58.09 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to smart process application, growing demand for iot-based systems, shortage of manpower in manufacturing process industries, .

The smart process application market size is expected to see rapid growth in the next few years. It will grow to $97.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to rising demand for better process management, rising adoption of cloud computing, growing demand for real-time analytics, rising demand for mobile spas. Major trends in the forecast period include innovative smart process application solutions, low-code and no-code development, intelligent process automation (ipa), iot integration.

Remote Working Revolutionizes Smart Process Application Market Growth

Adopting remote working significantly contributes to the growth of the smart process application market going forward. Remote working refers to a professional setting where employees are permitted to work from home or any other place other than the actual office of their employer. Smart process applications assist workers in remote work settings to record incoming paperwork, forms and faxes relating to corporate operations while enabling multi-channel information output. For instance, in February 2022, according to AT&T, a US-based telecommunications company, the percentage of companies adopting a hybrid work model where workers will do both remote work and work from the office is projected to increase from 42% in 2021 to 81% in 2024. Therefore, adopting remote working will drive the smart process application market.

Growth Of Smart Process Application Market Driven By Increasing Data Volume

The increasing amount of data is expected to propel the growth of the smart process application market going forward. Data refers to a comprising facts, statistics, information, or values that can be recorded and stored, is extensively gathered by businesses from various sources, including customer interactions, transactions, and IoT devices. Smart process applications (SPAs) utilize this data to facilitate data-driven decision-making, offering real-time analysis and interpretation of extensive datasets. For instance, in December 2022, according to a report published by The Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Similarly, annual data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, an increase of 215.43%, or three times the 700 TB in 2021. Therefore, the increasing amount of data will drive the smart process application market.

Major players in the smart process application market are Microsoft Corporation, Dell Technologies Inc., Seimens AG, Accenture PLC, International Business Machines Corporation, Oracle Corporation, SAP SE, Fujitsu Limited, Salesforce.com Inc., Capgemini SE, Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, Adobe Inc., Infosys Limited, Atos SE, Wipro Limited, Tech Mahindra Limited, Genpact Limited, Lexmark International Inc., Open Text Corporation, Infor Global Solutions Inc., TIBCO Software Inc., Pegasystems Inc., Blue Yonder Inc., Software AG, Verint Systems Inc., Kofax Inc., Appian Corporation, HCL Technologies Limited.

Data Security Concerns Hinder The Growth Of Smart Process Application Market

The data security concerns could significantly affect the growth of the smart process application market. Data security concerns encompass the protection of sensitive information from unauthorized access, disclosure, alteration, or destruction. The use of SPA systems involves the processing and storage of sensitive data, which can be targeted by cybercriminals. Cybersecurity risks such as data breaches and malware can result in a significant loss of data and money and reputational. For instance, in January 2023, according to Identity Theft Resource Center, a US-based nonprofit organization established to support victims of identity crime, there were 1,862 government data breaches in 2022, up from 1,643 in 2021, representing a 13% increase in government data breaches in just one year. The number of victims impacted increased by almost 41.5% from 2021, with at least 422 million people affected. Therefore, data security concerns hinder the growth of the smart process application market.

Leading Companies Embrace Low-Code Design For Enterprise-Scale Applications In The Smart Process Application Market

Major companies operating in the smart process application market are focusing on low-code design for enterprise-scale applications. Low code automation is a process that uses low-code tools to create and deploy business applications. For instance, in March 2023, Appian Corporation, a US-based software company, introduced the latest version of its Process Automation Platform, featuring improvements in total experience, data fabric, automation and process mining, all powered by Appian's robust low-code design. The update enhances Appian Portals for smoother business-to-business and business-to-consumer interactions, allowing the initiation of process automations directly from the Portal interface. Users can also access and display data from Appian's data fabric within portals with simplified querying.

Clearlake Capital Group And T.A. Associates Acquire Kofax Inc. To Accelerate Investment In Intelligent Automation And Cloud-Based Technology

In July 2022, Clearlake Capital Group L.P., a US-based private equity firm and T.A. Associates, a US-based investment company, acquired Kofax Inc. for an undisclosed amount. The acquisition accelerates Clearlake and T.A. Associates’ investment in cloud-based technology and product expansion projects in robotic process automation and machine intelligence to give additional value to clients, staff and shareholders. Kofax Inc. is a US-based intelligent automation software provider specializing in smart process applications.

North America was the largest region in the smart process application market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart process application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart process application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart process application market consists of revenues earned by entities by providing supply chain management, human resources management and dynamic case management. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart process application market also includes sales of storage devices, networking equipment and end-user devices such as computers, tablets, or smartphones. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The smart process application research report is one of a series of new reports from The Business Research Company that provides smart process application market statistics, including the smart process application global market size, regional shares, competitors with a smart process application market share, detailed smart process application market segments, market trends and opportunities and any further data you may need to thrive in the smart process application industry. This smart process application market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Smart Process Application Market Report Scope

Report Attribute	Details
Market Size Value In 2024	$58.09 billion
Revenue Forecast In 2033	$97.93 billion
Growth Rate	CAGR of 13.9% from 2024 to 2033
Base Year For Estimation	2023
Actual Estimates/Historical Data	2018-2023
Forecast Period	2024 - 2028 - 2033
Market Representation	Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered	1) By Type: Software, Services 2) By Solution: Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence And Analytics, Business Process Management, Other Solutions 3) By Deployment: On-Premise, Cloud 4) By Vertical: Banking, Financial Services and Insurance (BFSI), Telecommunications And Information Technology (IT), Media And Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation And Logistics, Other Verticals
Regional Scope	Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope	Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled	Microsoft Corporation; Dell Technologies Inc.; Seimens AG; Accenture plc; International Business Machines Corporation; Oracle Corporation; SAP SE; Fujitsu Limited; Salesforce.com Inc.; Capgemini SE; Tata Consultancy Services Limited; Cognizant Technology Solutions Corporation; Adobe Inc.; Infosys Limited; Atos SE; Wipro Limited; Tech Mahindra Limited; Genpact Limited; Lexmark International Inc.; Open Text Corporation; Infor Global Solutions Inc; TIBCO Software Inc.; Pegasystems Inc.; Blue Yonder Inc.; Software AG; Verint Systems Inc.; Kofax Inc.; Appian Corporation; HCL Technologies Limited
Customization Scope	Request for Sample
Pricing And Purchase Options	Explore Purchase Options

Table Of Contents

1. Executive Summary

2. Smart Process Application Market Characteristics

3. Smart Process Application Market Trends And Strategies

4. Smart Process Application Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market

4.2. Ukraine-Russia War Impact On The Market

4.3. COVID-19 Impact On The Market

5. Global Smart Process Application Market Size and Growth

5.1. Global Smart Process Application Market Drivers and Restraints

5.1.1. Drivers Of The Market

5.1.2. Restraints Of The Market

5.2. Global Smart Process Application Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

5.3. Global Smart Process Application Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Smart Process Application Market Segmentation

6.1. Global Smart Process Application Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Software

Services

6.2. Global Smart Process Application Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Customer Experience Management

Enterprise Content Management

Enterprise Mobility

Business Intelligence And Analytics

Business Process Management

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Frequently Asked Questions

What is the definition of the smart process application market?

How will the smart process application market drivers and restraints affect the smart process application market dynamics? What forces will shape the smart process application industry going forward?

The smart process application market major growth driver - Remote Working Revolutionizes Smart Process Application Market Growth. request a sample here

What is the forecast market size or the forecast market value of the smart process application market?

The smart process application market size has grown rapidly in recent years. It will grow from $51.03 billion in 2023 to $58.09 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to smart process application, growing demand for iot-based systems, shortage of manpower in manufacturing process industries, . The smart process application market size is expected to see rapid growth in the next few years. It will grow to $97.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to rising demand for better process management, rising adoption of cloud computing, growing demand for real-time analytics, rising demand for mobile spas. Major trends in the forecast period include innovative smart process application solutions, low-code and no-code development, intelligent process automation (ipa), iot integration. request a sample here

How is the smart process application market segmented?

The smart process application market is segmented
1) By Type: Software, Services
2) By Solution: Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence And Analytics, Business Process Management, Other Solutions
3) By Deployment: On-Premise, Cloud
4) By Vertical: Banking, Financial Services and Insurance (BFSI), Telecommunications And Information Technology (IT), Media And Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation And Logistics, Other Verticals For further insights on the smart process application market request a sample here

Which region has the largest share of the smart process application market? What are the other regions covered in the report?

North America was the largest region in the smart process application market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart process application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. request a sample here.

Who are the major players in the smart process application market?

What are the key trends in the smart process application market?

Major trend in the smart process application market - Leading Companies Embrace Low-Code Design For Enterprise-Scale Applications In The Smart Process Application Market. request a sample here.

What are the major opportunities in the smart process application market? What are the strategies for the smart process application market?

For detailed insights on the major opportunities and strategies in the smart process application market, request a sample here.

How does the smart process application market relate to the overall economy and other similar markets?

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What are the latest mergers and acquisitions in the smart process application industry?

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What are the key dynamics influencing the smart process application market growth? SWOT analysis of the smart process application market.

For detailed insights on the key dynamics influencing the smart process application market growth and SWOT analysis of the smart process application industry, request a sample here.